Colliers Participates in Sale of Multifamily Property in Calif. for $448,889/Unit

San Clemente, Calif.--Colliers International directed the sale of a three-building, nine-unit apartment complex located at 265 W. Marquita here. The transaction was valued at $4,040,000 or $448,889 per unit.

San Clemente, Calif.–Colliers International directed the sale of a three-building, nine-unit apartment complex located at 265 W. Marquita here. The transaction was valued at $4,040,000 or $448,889 per unit.

A Newport Beach-based private investor, a first time buyer, acquired the property. Built in 1971, the Class A beach-front property was completely renovated in 2009 and was 100 percent occupied at the time of sale.

“A number of first-time buyers are now entering the Orange County apartment market because they view it as a secure investment,” said Swanson. Due to the current low interest rates and upside in rents, these buyers are hedging against inflation and considering the 4 to 6 percent returns of apartment investments over the approximate half percent returns of bank certificates of deposit.”